Hammerson's net asset value for fiscal year 2025 reaches 394 pence, exceeding expectations

Investing.com – According to a research report released on Wednesday, Hammerson announced a net asset value per share of 394 pence for fiscal year 2025, exceeding Jefferies’ estimate of 374 pence by 20 pence.

The market consensus was 379 pence.

Total net rental income reached £180 million, a 23% increase, while the value of the investment portfolio rose 4% to £3.5 billion.

Foot traffic at the company’s locations performed strongly, with a 2% increase in the UK compared to a 3% decline in the benchmark; France saw a 4% increase versus a 1% benchmark growth; Ireland grew 0.4% while the benchmark declined 1%.

Occupancy rate increased by 1% to 96%, with six of the top ten flagship destinations achieving at least 98% occupancy.

Same-store net rental income grew by 3%, driven by asset management and record leasing activity. EPRA earnings increased 5% to £104 million, and earnings per share rose 4% to 20.7 pence, compared to Jefferies’ estimate of 20.3 pence. EPRA net tangible assets per share increased 6% to £3.94.

IFRS profit reached £232 million, reversing a £526 million loss last year caused by valuation changes in the investment portfolio. Total return on assets was 11%.

The balance sheet shows a loan-to-value ratio of 39%, and Fitch upgraded the senior unsecured bond rating to A-. Net debt to EBITDA ratio is 8.1 times.

The full-year dividend increased by 6% to 16.5 pence, compared to Jefferies’ estimate of 16.2 pence.

For fiscal year 2026, Hammerson expects net rental income to grow about 20%, EPRA earnings to increase approximately 15%, and earnings per share to rise around 10%.

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